Aker’s Ghana Project Secures $100m Funding


Offshore oil and gas company, Aker Energy A.S., commonly known as Aker Energy has secured $100 million to invest in crude oil and natural gas production from Ghana’s Deepwater Tano Cape Three Points (DWTCTP) block.

The secured investment comes from the Africa Finance Corporation (AFC) as an agreement to invest the amount in Aker Energy in convertible bonds, as part of its plans to take on an early equity financier role in upstream assets on the continent.

AFC is pumping the $100 million in the Ghanaian subsidiary of Norway’s Aker Group to help finance development of the country’s Deepwater Tano Cape Three Points ( DWT/CTP) block.

Aker has now said it plans to produce oil from the block’s Pecan field initially, after it completed appraisal drilling in April, 2019.



The reserve estimate for the first phase of the DWT/CTP development is 334m boe, with subsequent phases on the block potentially adding a further 110-210m boe, based on discovered contingent resource estimates. Early results from the appraisal suggests its Pecan South prospect could add another 5-15m boe.

The block, offshore Cape Three Points in the Western Region, contains multiple oil fields and the lender, the Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa, has pledged its readiness to “participate in follow-on fundraising activities”.

A statement issued by the AFC, through the African Media Agency (AMA), in Accra on Tuesday, July 2019, said, the investment aligned with the AFC’s overall natural resources strategy, which entailed building a portfolio of value-added assets across the energy value chain.

“By taking an early equity financier role in operational or near-operational upstream assets, the AFC can enhance the revenue potential of African states to generate revenue required for investment in infrastructure and social services for its growing populations,” it said.

It added that the investment also marked the beginning of the AFC and Aker’s mutually beneficial relationship in the exploration and production sector across the African continent, adding: “The AFC will offer support to Aker, open new opportunities and mitigate potential geopolitical risks.”

The statement acknowledged Aker’s proven track record of delivering complex deep water projects on time and budget, and that with a network of affiliates, such as Aker Solutions, a leading subsea equipment and services provider, “Aker is an ideal partner for the AFC as it seeks to broaden its partnerships with developers within the natural resources sector”.

AFC provided $50 million of financing in 2009 to support the Jubilee field oil development, operated by Anglo-Irish firm Tullow, making Ghana an AFC sovereign shareholder in 2018, following an initial $10 million investment, having been a member since 2011.

The AFC noted that the DWT/CTP project would help Ghana to meet its production targets for the mid-2020s. In February, Aker’s discoveries prompted the government to forecast that Ghana’s production would rise from 196,000 b/d in 2019 to 420,000 b/d in 2023 and 500,000 b/d by 2024.


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